Three companies took home the Best Innovation via ACH awards last week in recognition of the unique ways each is leveraging the ACH Network.
Transmodus won the gold ACH Award for its linked2pay platform. Launched in 2011, linked2pay is a cloud-based service that uses specially formatted emails to provide clients with a simple and effective method for accepting online payments – via credit cards and ACH – through smartphones and tablets. The platform allows clients to forgo paper-billing processes and enables its customers to pay electronically, with one-time, recurring, delay and partial-payment options available.
Braintree/Venmo, now owned by eBay Inc., took home the silver ACH Award for its Venmo PayOuts product. The program allows businesses to pay their workforce from any bank account to any Venmo user, via a Venmo account, email or phone number. Workers get immediate notifications once they’ve been paid, and they can cash out through their bank account or through Venmo.
Mitek Systems was awarded the bronze ACH Award for its Mobile Photo Account Funding service. The technology captures mobile images of personal and financial documents and then extracts relevant data, allowing customers to use their smartphone cameras to set up an auto debit easily from their bank account and enable funds to be transferred electronically, via ACH.
All of the winners were recognized at the 2014 Innovator Awards ceremony on March 20, during the 2014 Innovation Project in Cambridge, Mass.
As with all of the Innovator Award winners, the companies were selected after a panel of judges reviewed all of the Best Innovation via ACH Award submissions and narrowed them down to the top five in each category. Then the PYMNTS.com community voted and chose the top three companies for recognition.